LFTD PARTNERS INC. Files 2023 Annual Report (10-K)

TL;DR

<b>LFTD Partners Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

LFTD PARTNERS INC. (LIFD) filed a Annual Report (10-K) with the SEC on March 29, 2024. LFTD Partners Inc. filed its 2023 10-K report on March 29, 2024. The company's fiscal year ends on December 31st. The filing covers the period from January 1, 2023, to December 31, 2023. The company was formerly known as ACQUIRED SALES CORP. The business address is 14155 PINE ISLAND DRIVE, JACKSONVILLE, FL 32224.

Why It Matters

For investors and stakeholders tracking LFTD PARTNERS INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of LFTD Partners Inc.'s financial performance, business operations, and risk factors for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: — LFTD PARTNERS INC. shows moderate risk based on this filing. The company's financial performance and future prospects are subject to various risks and uncertainties inherent in the pharmaceutical preparations industry, as detailed in the risk factors section of the 10-K.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand LFTD Partners Inc.'s current financial position and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-29 — Filing Date (Filed as of date)
• 1934 Act — SEC Act (SEC Act)
• 000-52520 — SEC File Number (SEC file number)

Key Players & Entities

• LFTD PARTNERS INC. (company) — Filer
• ACQUIRED SALES CORP (company) — Former company name
• JACKSONVILLE (location) — Business address city
• FL (location) — Business address state
• 32224 (location) — Business address zip
• 870479286 (organization_id) — IRS number
• NV (location) — State of incorporation
• 2834 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

LFTD Partners Inc. operates within the Pharmaceutical Preparations industry, classified under SIC code 2834.

Regulatory Implications

The company is subject to regulations under the 1934 Act, as indicated by the SEC filing details.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review the 'Risk Factors' section for potential challenges and uncertainties.
3. Examine any 'Subsequent Events' or significant disclosures made in the filing.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-29: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing analyzed for LFTD Partners Inc. for the fiscal year 2023. Previous filings would need to be compared for trend analysis.

Key Financial Figures

• $0.001 — (g) of the Exchange Act: Common Stock, $0.001 par value per share (Title of Class)
• $3,910,000 — Borrower"), jointly borrowed a total of $3,910,000 from Surety Bank, of DeLand, Florida ("
• $3,000,000 — orrowers: (1) a working capital loan of $3,000,000 at 9.5% fixed annual interest, and (2)
• $910,000 — t 9.5% fixed annual interest, and (2) a $910,000 loan at 10% fixed annual interest, the
• $1,375,000 — by Lifted Made to pay a portion of the $1,375,000 purchase price of Lifted Made's main op
• $193,216 — a parking lot at the 5511 Building for $193,216, which is accounted for as a building i
• $3,500,000 — on could cost the Company approximately $3,500,000. Neither the management nor the Board o
• $910,000 B — ross-collateralized provisions with the $910,000 Business Loan described below. Security
• $1,000,000.00 m — n its primary operating accounts with a $1,000,000.00 minimum deposit account balance with the
• $5,728,663 — or the year ended December 31, 2023 was $5,728,663. Cali Sweets Agreement On January 1
• $1,000,000 — ate annual royalty payments of at least $1,000,000 per year, then the Diamond Agreement sh

Filing Documents

• lsfp_10k.htm (10-K) — 3022KB
• lsfp_ex1089.htm (EX-10.89) — 47KB
• lsfp_ex1090.htm (EX-10.90) — 41KB
• lsfp_ex1091.htm (EX-10.91) — 11KB
• lsfp_ex311.htm (EX-31.1) — 10KB
• lsfp_ex312.htm (EX-31.2) — 10KB
• lsfp_ex321.htm (EX-32.1) — 3KB
• lsfp_ex322.htm (EX-32.2) — 4KB
• lsfp_ex991.htm (EX-99.1) — 17KB
• lsfp_10kimg19.jpg (GRAPHIC) — 3KB
• lsfp_10kimg18.jpg (GRAPHIC) — 4KB
• lsfp_ex1090img5.jpg (GRAPHIC) — 23KB
• 0001096906-24-000671.txt (&nbsp;) — 11291KB
• lsfp-20231231.xsd (EX-101.SCH) — 117KB
• lsfp-20231231_lab.xml (EX-101.LAB) — 552KB
• lsfp-20231231_cal.xml (EX-101.CAL) — 82KB
• lsfp-20231231_pre.xml (EX-101.PRE) — 487KB
• lsfp-20231231_def.xml (EX-101.DEF) — 317KB
• lsfp_10k_htm.xml (XML) — 1763KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 24 Item 1B. Unresolved Staff Comments 71 Item 1C. Cybersecurity 71 Item 2.

Properties

Properties 72 Item 3.

Legal Proceedings

Legal Proceedings 78 Item 4. Mine Safety Disclosures 78 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 79 Item 6. Reserved Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 80 Item 7A.

Quantitative And Qualitative Disclosures About Market Risk

Quantitative And Qualitative Disclosures About Market Risk 90 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 90 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90 Item 9A.

Controls and Procedures

Controls and Procedures 90 Item 9B. Other Information 92 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 PART III Item 10. Directors, Executive Officers and Corporate Governance 93 Item 11.

Executive Compensation

Executive Compensation 92 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 102 Item 13. Certain Relationships and Related Transactions, and Director Independence 103 Item 14. Principal Accounting Fees and Services 105 PART IV Item 15. Exhibits and Financial Statement Schedules 106 Item 16. Form 10-K Summary 107 Index to the Consolidated Financial Statements F-1 Report of Independent Registered Public Accounting Firm (PCAOB ID: 5525) F-2 Consolidated Financial Statements and Notes F-4 Exhibits 106

Signatures

Signatures 108 2 Table of Contents PART I Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "Form 10-K") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, relating to our business and financial outlook, which are based on our current beliefs, assumptions, expectations, estimates, forecasts and projections about future events only as of the date of this Form 10-K, and are not statements of historical fact. We make such forward-looking statements pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are often identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project," "will," "would" or the negative or plural of these words or similar expressions or variations. Such forward-looking statements and forward-looking information are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements or forward-looking information. Factors that could cause or contribute to such differences include, but are not limited to, those identified in this Form 10-K, and in our other U.S. Securities and Exchange Commission ("SEC") public filings. Therefore, these forward-looking statements are not guarantees or promises of our future performance and involve risks, uncertainties, estimates and assumptions that are difficult to predict. As a result, our actual outcomes and results may differ materially from those expressed in these forward-looking statements. You should not place undue reliance on any of these forward-looking statements. Further, any forward-looking statement speaks only as of the date hereof, unless it is sp

BUSINESS

ITEM 1. BUSINESS Description of the Business of LFTD Partners Inc. LFTD Partners Inc. was organized under the laws of the State of Nevada on January 2, 1986. Shares of the Company's common stock are traded on the OTCQB Venture Market under the trading symbol LIFD. On May 18, 2021, the Company changed its name to LFTD Partners Inc. from Acquired Sales Corp. On March 15, 2022, the Company changed its stock trading symbol to LIFD. 3 Table of Contents After acquiring, operating and then selling businesses involved in the defense sector, our business is currently directly or indirectly involved in the development, manufacture and/or sale or re-sale of a wide variety of branded, hemp-derived, psychoactive and alternative lifestyle products, and of products involving, nicotine, tobacco and marijuana. We are primarily interested in acquiring rapidly growing, profitable companies that are also involved in the manufacture and sale of branded, hemp-derived, psychoactive and alternative lifestyle products (a "Canna-Infused Products Company"). Management of the Company is open-minded to the concept of also acquiring operating businesses and/or assets directly or indirectly involving products containing nicotine, tobacco, marijuana, distilled spirits, beer, wine, and/or real estate. In addition, management of the Company is open-minded to the concept of diversifying, by acquiring all or a portion of one or more operating businesses and/or assets that are considered to be "essential" businesses that are outside our industry and that are unlikely to be shut down by the government during pandemics such as COVID-19, or that have less regulatory risk than a Canna-Infused Products Company. Lifted Made On February 24, 2020, we acquired 100% of the ownership interests in one Canna-Infused Products Company called Lifted Liquids, Inc. d/b/a Lifted Made and d/b/a Urb Finest Flowers (www.urb.shop), Kenosha, Wisconsin ("Lifted Made" or "Lifted"). Lifted manufactures and sell

View Full Filing

View this 10-K filing on SEC EDGAR